In this article, we sought to examine the effect of Cameroon's public expenditure, with a focus on governance, on the reduction of unemployment from 1988 to 2020. By implementing a multiple linear regression model and applying the OLS method, we found that only military spending significantly contributed to the decrease in youth unemployment. Nonetheless, the efficacy of all types of public expenditure is heavily contingent upon socio-economic conditions. It is apparent that corruption and economic crises contribute greatly to the unemployment rate, hence why public entities must make greater efforts to form a strict institutional framework governing the labor market and invest in anti-exogenous shock programs. This would ensure that unemployment rates can be decreased systematically and substantially.

The purpose of this article is to analyze how the degree of independence of the Bank of Central African States (BEAC) influences the level of budget deficit for the countries of the Economic and Monetary Community of Africa Centrale (CEMAC) over the period 1994-2016. To do this, we rely on the statutory and rotational indicators of central bank governors developed by the literature, as well as on the econometrics of panel data. The results of the estimates indicate a mixed relationship between degree of independence and level of budget deficit. This result can be interpreted as an absence of constraint on fiscal policy, or as the partial assumption of cyclical stabilization by the central bank even when it is independent. It can also be interpreted as an absence of obligation for the budgetary policy to take charge of the cyclical adjustment. These results nevertheless confirm that the average orientation of fiscal policy is determined more by the budget procedure itself than by the statutes and the government of BEAC. 191 rotation des gouverneurs de banques centrales développés par la littérature, ainsi que sur l'économétrie des données de panels. Les résultats des estimations indiquent une relation mitigée entre degré d'indépendance et niveau de déficit budgétaire. Ce résultat peut s'interpréter comme une absence de contrainte sur la politique budgétaire, ou comme la prise en charge partielle de la stabilisation conjoncturelle par la banque centrale même lorsque celle-ci est indépendante. Il peut aussi s'interpréter comme une absence d'obligation pour la politique budgétaire de prendre en charge le réglage conjoncturel. Ces résultats confirment néanmoins que l'orientation moyenne de la politique budgétaire est davantage déterminée par la procédure budgétaire elle-même que par les statuts et la gouvernement de la BEAC.

This study evaluates the simultaneous impact of public and private investments on economic growth in the CEMAC zone between 1984 and 2017.To attain this aim, we use the Vector Error Correction Model (VECM) to test the direction of causality between the three variables above at the level of each country. We find that the direction of causality is not the same in all the countries both in the short as in long-run. We then develop an ideal model going from the Cobb Douglas production function which we quantitatively validate using panel data estimation through the method of Pool Mean Group which takes into account individual specificities. It arises that contrary to economic theory, private sector investments have positive and significant effects in short-run. However, the impact of public investments is negative and significant. In the long-run, the effects are reversed and call on the authorities of the CEMAC zone to reinforce the political risk to strengthen the public-private partnership in the process of sustainable growth.

The CEMAC countries have decided to develop the banking sector to ensure economic growth48 for a sustainable development, given that the banking system leads to investments. Our study aims at analyzing the influence of bank credit and banking rate on economic growth in the CEMAC zone from time series data during 1980-2014 (CD -ROM, WBI- 2014). The econometric analysis that we have chosen was inspired by the generalized least squares method. The model we preferred was that of Hague (2000) where the Gross Domestic Product is the dependent variable for assessing the level of economic growth while the bank credit and the banking rate are the main explanatory variables. The results indicate that the variables are significant thus, the banking rate affects economic growth positively. Following these results one could think about new strategies that will help increase the banking rate which is still very low in the Sub-region.

This study aims at examining the effects of socioeconomic conditions on the relationship between public investments and the productivity of the private sector in CEMAC countries between 1982 and 2016. Theoretical and empirical studies on this issue yield different results depending on the period and countries considered. After estimating an ARDL (Autoregressive Distributed Lag) model, we find that there exists a positive effect in the short and long run of public investment on private sector investments only in Congo, Gabon, the Central African Republic and Chad. We also find that in the short run, unlike in Cameroon, Equatorial Guinea, Chad and the Central African Republic where the socioeconomic conditions reduce the level of public investments, they rather reinforce their contribution to private sector investment in Gabon and Congo. In the long run, they however improve the efficiency of public investments in Cameroon and Congo and reduce it in the Central African Republic. There is therefore a need to improve the quality of institutions in order to enable the development of the private sector. Contribution/ Originality: This study contributes to the existing literature on the effects of public investment and the quality of institutions on private productivity in CEMAC zone using the ARDL techniques. This study is also one the few which has investigated on the issue in this zone giving sound recommendation to each country.